国内外社会创业者概念与发展实践述评

社会创业者是那些致力于用商业的规则大规模地解决社会问题的人们，他们所得的盈余用于扶助弱势群体、促进社区发展和社会企业本身的投资。文章在分析国内外相关组织和学者对社会创业者概念和特质的理论研究的基础上，给出了几个国内外成功的社会创业者的典范，并进一步分析了中国社会催生社会创业者成长发育的条件和历史事件。     

非洲贸易与风险管理

本文讨论了两个层次的问题:一、非洲贸易及其存在的风险。二、如何管理和防范狭义的外汇风险(交易风险、折算风险以及经营风险或者经济风险)以及广义外汇风险中的国家风险、信用风险以及流动性风险等。特别是信用风险的管理与防范已经成为一个战略性和决定性的重大课题。     

The relationship between financing criteria and the success factors of entrepreneurs in small and medium enterprises

Existing criteria for, and methods of, evaluation discriminate against owners of small and medium enterprises (SMEs) who do not have adequate securities and collateral available. These criteria and methods do not identify potentially successful owners of SMEs, only potentially successful enterprises. Financing criteria have to be adapted to empower potentially successful SMEs and to ensure economic development. The aim of the study is to develop relevant criteria for the financing of SMEs. The success factors of SMEs, as well as the criteria used by financiers of SMEs, were examined. This made it possible to determine what contributes to the success of SMEs and how these enterprises are being evaluated by financial institutions. Research articles were used for a literature review of the success factors identified. The results were used to formulate additional and alternative recommendations for criteria that can be used by financial institutions for evaluating financial applications.     

The Effects of Creative Culture on Real Earnings Management*

Creativity and innovation have been identified by senior executives as some of the most desired characteristics of corporate culture. Accordingly, managers strive to build these cultures within their organizations. However, research in psychology suggests that these attempts may have unintended negative consequences. In this study, I predict and find that managers in a more (versus less) innovative company culture will engage in higher levels of real earnings management (REM). I then test two construal level theory (CLT)-based interventions designed to reduce REM. As I predict, I find that in more innovative corporate cultures an intervention that makes downside risk more salient reduces REM, but an intervention that encourages managers to consider the “big-picture” impact of their decision reduces REM to a greater extent. Unexpectedly, I also find that the effect of the “big-picture” intervention reverses in a less innovative corporate culture leading to an increase in REM. My findings contribute to the emerging accounting literature regarding REM. I also extend the psychology literature investigating the link between opportunistic behavior and creativity, and I also expand research into how interventions based on CLT can affect judgment and decision making in an accounting context.     

Do Shareholders Assess Managers' Use of Accruals to Manage Earnings as a Negative Signal of Trustworthiness Even When Its Outcome Serves Shareholders' Interests?*

We examine how shareholders' trust in managers is affected by (i) the outcome of earnings management (inconsistent vs. consistent with shareholders' interests) and (ii) the method of earnings management (accruals vs. real methods). Using a controlled experiment, we predict and find that trust is impaired when the outcome of earnings management suggests that managers have put their interests above shareholders' interests and/or when the method of earnings management suggests that managers misreported the firm's economic performance. We argue that shareholders assess managers putting their interests above shareholders' interests as a signal of untrustworthiness because it involves a transfer of the firm's resources away from shareholders to managers. We argue that shareholders also assess managers' use of accruals to manage earnings as a signal of untrustworthiness because, in this instance, managers misreport the firm's economic performance. Finally, we show that trust mediates the combined effects of the outcome of earnings management and the method of earnings management on investment decisions. Our study incrementally contributes to the literature by highlighting the adverse implications of managers' use of accruals to manage earnings even when its outcome serves shareholders' interests.     

新西兰银行中小企业贷款流程与风险控制

新西兰银行中小企业信贷能有效地进行贷款风险管理,关键在于其贷款流程中的信患采集、风险评级、贷款定价以及贷款监控等风险控制机制。推介新西兰银行的中小企业信贷风险管理成熟经验,对发展我国银行中小企业贷款有重要的借鉴意义。     

Political connections,corporate innovation and entrepreneurship: Evidence from the China Employer-Employee Survey (CEES)

In this paper, we attempt to reconcile the mixed effects of political connections on corporate innovation. Using the China Employer-Employee Survey (CEES), we find political connections contribute to innovative activities for those firms with innovative entrepreneurs but impedes innovative activities for those without innovative entrepreneurs. After solving the endogeneity problems and correcting the sample selection bias, the baseline results do not change much. Moreover, we find political connections can help firms obtain economic benefits such as tax preference and government subsidies which, however, are utilized by firms to increase fixed asset investment. But such positive effect of political connections on fixed asset investment greatly reduces when the firm's entrepreneur has a strong spirit of innovation. These results provide a reasonable explanation for the change in the direction of the effect of political connections on corporate innovation. This paper succeeds in reconciling the mixed effects of political connections on corporate innovation by taking the entrepreneur's innovative spirit into account.     

What is the role of government trust in a firm's R&D investments? Evidence from SMEs

We examine how government trust shapes the R&D behaviors of small and medium enterprises (SMEs). To study this, we use data collected on 3045 Chinese SMEs to find that for every standard deviation increase in the government trust index, an SME has a 23.9% increase in their R&D investments. Our findings are robust after accounting for endogeneity using an instrumental variable and controlling for the impact of social trust. We further discover that SME owners who are more motivated to conduct innovation will make more R&D investments when they trust the government, driven in part by their willingness to take more risks. Finally, the effect of government trust on R&D investments is less salient when the region has a high marketization level.     

Depressed access to formal finance and the use of credit card debt in Chinese SMEs

SMEs (small and micro enterprises) in developing countries are in general financially depressed; business owners thus resort to other financial instruments (here, personal credit cards) when access to bank loans is prohibited. By investigating two different types of SMEs (namely, informal businesses and formal SMEs) in China, we find that SMEs turn to credit card debt as a substitute when they fail to obtain bank loans. Specifically, we find that households with informal businesses are more likely to use credit cards when their businesses are financially constrained. We also find that when financially constrained, formal SMEs are more likely to carry credit card debt and are also carrying more. This relationship persists after selection issues are addressed. However, credit card debt and bank loans are hardly perfect substitutes as these two instruments may function differently. Consistently, we find that even with bank loans, formal SMEs still carry substantial credit card debt. Additionally, compared to those with no fund need and thus no bank loan, formal SMEs with bank loans are carrying more credit card debt.     

企业家危机管理胜任力构成要素的探索性研究

企业在竞争激烈的生存环境中显得越来越脆弱,危机的发生频率和危害程度与日俱增.如何有效预测和控制企业危机的发展态势,减少和避免企业危机带来的损失,使得企业转危为安、转危为机,是竞争激烈的商业环境下对企业家综合素质的一个严峻考验.文章通过企业家危机管理胜任力相关文献的回顾,根据269个企业家群体的有效样本数据,利用SPSS17.0 andLISREL8.71对企业家危机管理胜任力构成要素进行提炼.基于结构方程模型二阶因子的实证研究得出,企业家危机管理胜任力是由企业家危机管理意识、危机管理人格、危机预控能力、危机应对能力和危机转化与利用能力五个要素构成.     

中小企业精准化生产管理思想及其措施研究

针对中小企业在生产管理中存在的不重视计量工作、缺乏对标准化生产手段的科学运用等问题，本研究在对实践经验进行总结与归纳的基础上，提出了精准化生产管理的思想，探讨了精准化生产管理的概念、内涵、特色与作用，也给出了中小企业实施精礁化生产管理的保障措施。     

“物业管理区域”划分研究——从“物业管理区域”划分的行政案件入手

<物业管理条例>规定"物业管理区域"的划分关系到业主对物业的管理权以及维修基金的使用权等权利,<物权法>则明确了"建筑区划"内建筑物附属设施、共有设施设备等的所有权,司法实践中两种区域的划分主体和标准混乱易产生纠纷.通过对"物业管理区域"的行政案件分析,可知:"物业管理区域"确定应以"建筑区划"的划分为基础,后者的划分应以开发商所获得的整体进行的、具有统一布局和安排的国有土地使用权的范围为标准.     

Risk Attitudes and Self-employment in China

Using the 2006 wave of the Chinese General Social Survey, the present paper examines the effect of risk attitudes on the likelihood of entrepreneurship in China. Our results show that risk attitudes have a nonlinear effect on the likelihood of being entrepreneurs. Risk neutral people are most likely to be entrepreneurs, while both risk averse and risk seeking people prefer to work for wages. When we further divide entrepreneurs into necessity and opportunity entrepreneurs, we find only a marginal difference in risk attitudes between wage workers and necessity entrepreneurs, while less risk averse individuals tend to be opportunity entrepreneurs. Our results have important poliey implications for the government ＂s efforts to promote entrepreneurial activities.     

基于价值管理的经营者激励机制设计

完善经营者激励机制对我国企业的发展有着重要的意义.文章尝试将价值管理理论用于经营者激励,设计了基于价值管理的经营者激励机制,以进一步完善我国经营者激励机制.     

浅议我国中小企业经营与发展

中小企业在我国的经济生活中发挥着重大的作用,因此如何发展中小企业,使我国中小企业更加蓬勃发展,造就出更多的大型企业、跨国企业,是一项具有重大意义的课题。文章指出我国中小企业要发展必需做好三个方面的工作,首先要建立一套适合企业发展的企业文化,其次要培育他们的创新机制,另外还要建立一套灵活、高效的内部管理体系,只有这样中小企业才有可能取得发展。     

我国企业集团资金集中管理模式与实践探析——以中远集团公司为例

大多数企业集团都期望通过加强资金集中管理来实现对集团整体资金的有效管理和控制,以达到优化资金收支结构、防范经营风险、增强盈利能力的目的。文章通过深入剖析中远集团公司资金集中管理的成功案例,结合当前企业集团资金集中管理中面临的现实难题,探讨了企业集团资金集中管理的主要模式和实践中应注意的问题,对企业集团如何加强资金集中管理进行了有益的探索。     

Credit accessibility,institutional deficiency and entrepreneurship in China

Using a brand new data, we document seriously low credit accessibility from financial institutes for small and micro enterprises (SMEs) and examine whether and how it affects entrepreneurial activity in China. We find that credit constraints significantly decrease the possibility of households becoming entrepreneurs. Based on our estimates, 10% decrease in the probability of being credit constrained would be associated with 4.3 million newly-created household businesses, or equivalently 11 million jobs. In the end, factors that determine credit accessibility are exploited and the result indicates that institutional deficiency plays a role in shaping the pattern of financing difficulties in China. Specifically, we find households in regions with more commercialized banking or those with government-sector workers are more likely to access to credit when other relevant variables are conditioned. In particular, the positive role of government-sector workers is more pronounced in regions with weaker market institutions.     

企业风险管理现状调查与保险公司服务创新

传统上,保险公司对承保风险进行查勘的目的主要是为了降低自身的风险。调查表明,当前我国企业风险管理水平处于初级阶段,企业更希望获得保险公司优质的风险查勘及防灾防损服务以减少潜在损失。保险公司应转换角色进行服务创新,有意识地利用企业风险管理合规要求,主动为企业提供高质量的风险查勘及防灾防损建议,增加保险服务的附加值,扩大保险业在风险管理领域的影响力。     

数字普惠金融与小微企业出口:雪中送炭还是锦上添花

本文将数字普惠金融与小微企业出口相结合,为深入探讨数字金融的普惠意义提供了新视角。我们基于数字普惠金融指数和中国小微企业调查数据,构建一个广义双重差分回归模型进行经验分析,经过一系列内生性处理后,回归结果稳健地显示数字普惠金融发展可显著促进小微企业出口。机制分析结果表明,数字普惠金融会促进生产率更低的企业出口,并改善小微企业的营运资本使用效率。此外,数字普惠金融覆盖广度比使用深度和数字化程度对小微企业出口的影响更大。高资金负担、弱政企关系以及西部地区的小微企业受益更大,这是雪中送炭的表现;而在金融软环境更好的地区小微企业受益更多,则是锦上添花的表现。     

How Are Earnings Managed? An Examination of Specific Accruals*

There is relatively little evidence on the specific accruals used to manage earnings. This paper examines this issue by considering the use of specific accruals in three earnings‐management contexts: equity offerings, management buyouts, and firms avoiding earnings decreases. We argue that the costs of managing earnings through different income statement items vary and that the benefits of earnings management through each of these items depend on the context. We thus make differential predictions regarding which specific accrual will be used to manage earnings in each of the three contexts we consider. To measure earnings management for specific accruals, we develop performance‐matched measures to capture the unexpected component of accounts receivable, inventory, accounts payable, accrued liabilities, depreciation expense, and special items. Consistent with our predictions, we find that firms issuing equity appear to prefer managing earnings upward by accelerating revenue recognition. Specifically, we find that accounts receivable for these firms are unexpectedly high. Conversely, for the management buyout context, we predict and find unexpected accounts receivable to be negative. For firms trying to avoid reporting an earnings decrease, we expect firms to be less concerned with earnings persistence and therefore more likely to use more transitory, and less costly, items to achieve their goal. We find that special items are significantly more positive for this group. This paper provides a further step toward understanding how the incentives behind earnings management affect the method used to achieve earnings goals, and it illustrates the usefulness of examining individual accruals in specific contexts.